Granite Investment Partners LLC Sells 6,140 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Granite Investment Partners LLC cut its holdings in shares of PepsiCo, Inc. (NASDAQ:PEP) by 10.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 51,832 shares of the company’s stock after selling 6,140 shares during the quarter. Granite Investment Partners LLC’s holdings in PepsiCo were worth $8,549,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Gilbert & Cook Inc. grew its position in PepsiCo by 23.4% in the 4th quarter. Gilbert & Cook Inc. now owns 5,971 shares of the company’s stock worth $1,014,000 after purchasing an additional 1,133 shares during the last quarter. Aveo Capital Partners LLC grew its position in PepsiCo by 4.4% during the fourth quarter. Aveo Capital Partners LLC now owns 5,480 shares of the company’s stock worth $931,000 after buying an additional 229 shares in the last quarter. 9258 Wealth Management LLC increased its stake in PepsiCo by 56.0% during the fourth quarter. 9258 Wealth Management LLC now owns 8,281 shares of the company’s stock valued at $1,407,000 after acquiring an additional 2,974 shares during the period. Gryphon Financial Partners LLC raised its holdings in PepsiCo by 81.3% in the 4th quarter. Gryphon Financial Partners LLC now owns 8,105 shares of the company’s stock valued at $1,357,000 after acquiring an additional 3,635 shares in the last quarter. Finally, TrinityPoint Wealth LLC grew its holdings in shares of PepsiCo by 2.5% during the 4th quarter. TrinityPoint Wealth LLC now owns 13,353 shares of the company’s stock worth $2,268,000 after purchasing an additional 332 shares in the last quarter. 73.07% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on PEP. StockNews.com raised PepsiCo from a “hold” rating to a “buy” rating in a research report on Wednesday, August 28th. Royal Bank of Canada decreased their target price on shares of PepsiCo from $180.00 to $177.00 and set a “sector perform” rating on the stock in a research report on Friday, July 12th. Barclays increased their price target on shares of PepsiCo from $179.00 to $187.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Morgan Stanley lowered their price objective on PepsiCo from $190.00 to $185.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Finally, Jefferies Financial Group cut their target price on PepsiCo from $210.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, July 9th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $185.53.

PepsiCo Stock Performance

Shares of NASDAQ:PEP opened at $174.66 on Friday. The business has a fifty day moving average of $173.42 and a 200-day moving average of $171.70. The firm has a market cap of $240.12 billion, a PE ratio of 25.35, a price-to-earnings-growth ratio of 3.06 and a beta of 0.53. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.64 and a current ratio of 0.83. PepsiCo, Inc. has a twelve month low of $155.83 and a twelve month high of $183.41.

PepsiCo (NASDAQ:PEP) last announced its earnings results on Thursday, July 11th. The company reported $2.28 earnings per share for the quarter, topping analysts’ consensus estimates of $2.16 by $0.12. The company had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $22.59 billion. PepsiCo had a net margin of 10.34% and a return on equity of 57.37%. The company’s revenue was up .8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.09 earnings per share. On average, equities research analysts predict that PepsiCo, Inc. will post 8.15 EPS for the current fiscal year.

PepsiCo Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 6th will be issued a $1.355 dividend. This represents a $5.42 annualized dividend and a yield of 3.10%. The ex-dividend date is Friday, September 6th. PepsiCo’s dividend payout ratio is 78.66%.

PepsiCo Profile

PepsiCo, Inc engages in the manufacture, marketing, distribution, and sale of various beverages and convenient foods worldwide. The company operates through seven segments: Frito-Lay North America; Quaker Foods North America; PepsiCo Beverages North America; Latin America; Europe; Africa, Middle East and South Asia; and Asia Pacific, Australia and New Zealand and China Region.